In fairness to banks, my husband works at one and there are a lot of scams happening in Italy, and its amazing how people fall for them. So the tellers are told when a person wants to withdraw/wire transfer a certain amount of $, they are required to ask what it is for and that it's not a fraud. A few months ago, a colleague of his, asked a woman (not elderly) why she was wiring €10k to someone else's acct. and she said she needed it to purchase a car. The teller asked, "Are you sure it's not a fraud?" And the woman empathically said, it's for a car purchase. A few weeks later, she came back to the bank with a lawyer saying she is suing the bank for not warning her. What happened was a person had her cell number and name (I think they are getting this from shops that ask for your phone number and then they sell it, so the scammer knows the name, number and bank), and called her pretending to be the police telling her that there was an attempted electronic theft from her accct and that she must withdraw her money and wire it to the police and then she'd be told when to pick up her money (anyone who would do this is an idiot). But because the teller asked if it was fraud and she signed a form saying it was for a car purchase, she has no case against the bank.
Another time an elderly couple wanted to wire transfer €10k to their daughter who needed the money. The teller asked to see the text message from the daughter, the number was from a foreign country and not the daugther's number and the elderly couple was so thankful.
Thanks for this interesting situation which occurred at your bank. I will be careful the way I answer the questions, I receive next time I have to withdraw money. I have been asked previously a couple of the questions mentioned.. Vernon Coleman is right. The tellers have no right to ask people the questions they ask in order to withdraw their own money.
They may not have the 'right' to ask, but that won't stop them. It seems like the Feds have brainwashed bank employees to believe that any largish cash withdrawals may be connected to some kind of nefarious activity. Let's face it, most bank tellers and managers probably hate their jobs and relish the idea of being a part of some fantasy anti-terrorism bust just to make life a little more exciting.
Elder Abuse is a real thing. I watch this scammer hunter on Rumble and you would be shocked on how many older people give away their life savings to shrewd online scammers. It's quite alarming. So, as you get older, that's what the cashier is forced to do, even if they know you well, or are your next door neighbor. It's actually for your protection. It's sounds outrageous, but these Indian and Nigerian scammers are real good confusing older people and extracting their wealth.
I've watched some stories online of scammers scamming the elderly. And it's not a good thing. But I don't think it's the bank's business! I agree with Dr. Vernon that they have other motivations.
I got similar treatment (in the states). Withdraw money? Leave cashier area, get put into a room to wait to see a supervisor type (as soon as they are free from whatever they're doing).
Not only do they pry into my business, but they try my patience and waste my time. This particular institution was SO infuriating, that I withdrew my funds and went elsewhere.
It doesn't matter. It is possible to make anyone's life hell by suing them time and time again for anything, no matter how preposterous. There doesn't need to be any chance of winning. A persistent person or institution can send you into despair and bankruptcy simply by forcing you to respond to all the lawsuits. Imagine being a bank and dealing constantly with thousands of lawsuits from elderly clients who were scammed once into emptying their accounts and who are now being scammed again by unscrupulous lawyers charging them fees in a futile effort to sue the bank for the original lost money.
In a small way, this is reminding me of the McDonald's spilt hot coffee burn case. And I know about the potential for making life hell thru the weapon of litigation. (Though I didnt participate in such behavior, I used to be in that "profession".)
I dont know what "the law" is on this, if there is any precedent for allowing such a cause of action to make its way thru the system, but an honest and well-versed judge would know, and if it's not valid, would/should throw that lawsuit out at first contact. Should also assess all COSTS incurred on the side bringing it.
Unfortunately, some judges are now legislating from the bench so we have this mess they've created.
We need to take more accountability for our own actions!!
It is quite true that banks cause personal banking to be rather inconvenient. As Dr. Coleman alluded to, the banks do not want to have all these branches open(as they are a drag on the bank's bottom line). Online banking is far more profitable for them. Banks discourage withdrawals from the branches, which is part of the reason you may be asked stupid and invasive questions. The banks discourage withdrawals because they have relatively little money on hand. They need very little money on hand to make loans much larger. Banks are no longer geared for savings, just loans, which is why they pay little to no interest. The "contract" (agreement) basically tells you that the money you deposit at a bank is theirs to loan out. You no longer own or control your money. If a bank goes bankrupt and the FDIC or the Fed don't want to bail the bank out, the bank has the legal right to take your money to bail themselves out-- no interest and no guarantee you'll ever see your money again. Really. For those who are interested in how this all works (against you), also the stock and bond markets, I recommend reading "The Great Taking", by David Webb, free on-line. The book will definitely wake you up.
Yep, the Dodd Frank Act that CONgress put in place and THEY LIED that it would 'protect us' from the FAKE US Gov't from BAILING OUT THE BANKS--which they DO ANYWAY WITHOUT THE CONSENT OF THE GOVERNED--and MIRACULOUSLY, there are NEVER ANY CONVICTIONS or maybe ONE of TEN THOUSAND FRAUDSTERS THAT RUN BANKING INSTITUTONS that always CAUSE THE CRASHES DUE TO THEIR RAMPANT AND UNRELETING GREED AND LOVE OF MONEY--ESPECIALLY WHEN IT IS NOT THEIRS! BAIL-INS are their invention and someone, probably a lobbyist or an aid, wrote the Bill that everyone jumped on board to VOTE YES--as they were told to--then it was signed into law by CORRUPT, MORALLY BANKRUPT PEOPLE--leaving the taxpayer holding the bag--AGAIN!
I got a nice part-time job as a bank teller during my college years. I so enjoyed it. Dealing with customers, getting to know them. It was a nice environment to be in.
There was a time when banks respected their customers. There was a time too when savings rates were better! Those days are long gone, that's for sure.
I have only gone to the bank once in 10 years to withdraw cash and it was given to me 2 years ago without question in the USA at a Credit Union--which is a co-op of sorts. I gave banks the heave ho 40+ years ago! Seems I was prescient! CBDC will NEVER stand. It was put forth by a FAKE biden E.O. that will be overturned in SIX DAYS! The only reason CONgress or FAKE DOJ didn't fight it when it came out is that they are ALL ON THE TAKE! God is about to CRUSH ALL OF BABLYON!
The bank I've been dealing with for decades acts like the money in my accounts is theirs. I base this on my experience of taking out a large sum of money in cash over at least ten different withdrawal transactions about 15 years ago. Each time they had to give me the cash I called ahead to withdraw most of the staff acted like I was conducting a quasi-legal but highly suspicious transaction (i.e.,to buy drugs or prostitutes or God knows what), and their discomfort was palpable. Try it sometime. You'll be amazed how easy it is to make your usually friendly teller start acting like a Stasi snitch.
In fairness to banks, my husband works at one and there are a lot of scams happening in Italy, and its amazing how people fall for them. So the tellers are told when a person wants to withdraw/wire transfer a certain amount of $, they are required to ask what it is for and that it's not a fraud. A few months ago, a colleague of his, asked a woman (not elderly) why she was wiring €10k to someone else's acct. and she said she needed it to purchase a car. The teller asked, "Are you sure it's not a fraud?" And the woman empathically said, it's for a car purchase. A few weeks later, she came back to the bank with a lawyer saying she is suing the bank for not warning her. What happened was a person had her cell number and name (I think they are getting this from shops that ask for your phone number and then they sell it, so the scammer knows the name, number and bank), and called her pretending to be the police telling her that there was an attempted electronic theft from her accct and that she must withdraw her money and wire it to the police and then she'd be told when to pick up her money (anyone who would do this is an idiot). But because the teller asked if it was fraud and she signed a form saying it was for a car purchase, she has no case against the bank.
Another time an elderly couple wanted to wire transfer €10k to their daughter who needed the money. The teller asked to see the text message from the daughter, the number was from a foreign country and not the daugther's number and the elderly couple was so thankful.
From another bank "Bank employee foils 15 thousand euro scam. An emblematic case: 60-year-old was about to be tricked by a fake policeman. https://notiziaoggi.it/fuori-zona/limpiegato-della-banca-sventa-una-truffa-da-15mila-euro/
Thanks for this interesting situation which occurred at your bank. I will be careful the way I answer the questions, I receive next time I have to withdraw money. I have been asked previously a couple of the questions mentioned.. Vernon Coleman is right. The tellers have no right to ask people the questions they ask in order to withdraw their own money.
Just say you need the money for transgender surgery, they will smile and gladly give you the money!
Sadly, you are correct. These people have no brain cells left. If it isn't on a script, written down for them, they cannot think what to do next!
They may not have the 'right' to ask, but that won't stop them. It seems like the Feds have brainwashed bank employees to believe that any largish cash withdrawals may be connected to some kind of nefarious activity. Let's face it, most bank tellers and managers probably hate their jobs and relish the idea of being a part of some fantasy anti-terrorism bust just to make life a little more exciting.
Thats right! lol
Darn feds are into all of our business, yet they're the ones we should be looking into.
Elder Abuse is a real thing. I watch this scammer hunter on Rumble and you would be shocked on how many older people give away their life savings to shrewd online scammers. It's quite alarming. So, as you get older, that's what the cashier is forced to do, even if they know you well, or are your next door neighbor. It's actually for your protection. It's sounds outrageous, but these Indian and Nigerian scammers are real good confusing older people and extracting their wealth.
I've watched some stories online of scammers scamming the elderly. And it's not a good thing. But I don't think it's the bank's business! I agree with Dr. Vernon that they have other motivations.
I got similar treatment (in the states). Withdraw money? Leave cashier area, get put into a room to wait to see a supervisor type (as soon as they are free from whatever they're doing).
Not only do they pry into my business, but they try my patience and waste my time. This particular institution was SO infuriating, that I withdrew my funds and went elsewhere.
See where that got them!! :/
It is the bank's business when the duped account holder sues the bank, seeking to have the bank replace the stolen funds.
How on planet earth is that (suing) a possible option? We are sovereign beings making our own choices.
Forget Big Government parent, are banks our parents now too?
Looks to be that way.
Checking on us is bad enough. But they have become an extension, a tool of the government.
But to have an actual cause of action against a Bank for something that takes place OUTSIDE of that business is insane!
It doesn't matter. It is possible to make anyone's life hell by suing them time and time again for anything, no matter how preposterous. There doesn't need to be any chance of winning. A persistent person or institution can send you into despair and bankruptcy simply by forcing you to respond to all the lawsuits. Imagine being a bank and dealing constantly with thousands of lawsuits from elderly clients who were scammed once into emptying their accounts and who are now being scammed again by unscrupulous lawyers charging them fees in a futile effort to sue the bank for the original lost money.
In a small way, this is reminding me of the McDonald's spilt hot coffee burn case. And I know about the potential for making life hell thru the weapon of litigation. (Though I didnt participate in such behavior, I used to be in that "profession".)
I dont know what "the law" is on this, if there is any precedent for allowing such a cause of action to make its way thru the system, but an honest and well-versed judge would know, and if it's not valid, would/should throw that lawsuit out at first contact. Should also assess all COSTS incurred on the side bringing it.
Unfortunately, some judges are now legislating from the bench so we have this mess they've created.
We need to take more accountability for our own actions!!
I would say "custom-made sex toys" are what I am buying...want to see drawings?
It is quite true that banks cause personal banking to be rather inconvenient. As Dr. Coleman alluded to, the banks do not want to have all these branches open(as they are a drag on the bank's bottom line). Online banking is far more profitable for them. Banks discourage withdrawals from the branches, which is part of the reason you may be asked stupid and invasive questions. The banks discourage withdrawals because they have relatively little money on hand. They need very little money on hand to make loans much larger. Banks are no longer geared for savings, just loans, which is why they pay little to no interest. The "contract" (agreement) basically tells you that the money you deposit at a bank is theirs to loan out. You no longer own or control your money. If a bank goes bankrupt and the FDIC or the Fed don't want to bail the bank out, the bank has the legal right to take your money to bail themselves out-- no interest and no guarantee you'll ever see your money again. Really. For those who are interested in how this all works (against you), also the stock and bond markets, I recommend reading "The Great Taking", by David Webb, free on-line. The book will definitely wake you up.
Yep, the Dodd Frank Act that CONgress put in place and THEY LIED that it would 'protect us' from the FAKE US Gov't from BAILING OUT THE BANKS--which they DO ANYWAY WITHOUT THE CONSENT OF THE GOVERNED--and MIRACULOUSLY, there are NEVER ANY CONVICTIONS or maybe ONE of TEN THOUSAND FRAUDSTERS THAT RUN BANKING INSTITUTONS that always CAUSE THE CRASHES DUE TO THEIR RAMPANT AND UNRELETING GREED AND LOVE OF MONEY--ESPECIALLY WHEN IT IS NOT THEIRS! BAIL-INS are their invention and someone, probably a lobbyist or an aid, wrote the Bill that everyone jumped on board to VOTE YES--as they were told to--then it was signed into law by CORRUPT, MORALLY BANKRUPT PEOPLE--leaving the taxpayer holding the bag--AGAIN!
Thank you.
They've been faking everything for a long time. Faking education. Faking grammar. Faking health. Faking Freedom. Faking thinking. Faking truth. Faking science. Faking presidents. Faking law. Faking news. Faking medicine. Faking voting. I could go on....
Nice list! Sad isn't it?
It DOES seem like they despise us!
I got a nice part-time job as a bank teller during my college years. I so enjoyed it. Dealing with customers, getting to know them. It was a nice environment to be in.
There was a time when banks respected their customers. There was a time too when savings rates were better! Those days are long gone, that's for sure.
Thank you for posting Dr. Vernon, Edwin
You are welcome!
Nice work. I’ll share. Thank you.
Thanks Oil Burner, and thanks for the restack.
I have only gone to the bank once in 10 years to withdraw cash and it was given to me 2 years ago without question in the USA at a Credit Union--which is a co-op of sorts. I gave banks the heave ho 40+ years ago! Seems I was prescient! CBDC will NEVER stand. It was put forth by a FAKE biden E.O. that will be overturned in SIX DAYS! The only reason CONgress or FAKE DOJ didn't fight it when it came out is that they are ALL ON THE TAKE! God is about to CRUSH ALL OF BABLYON!
I think one reason is they no longer keep larger amounts of cash on hand. Needed some specific coins for a fair -and they had to order coins in!
The bank I've been dealing with for decades acts like the money in my accounts is theirs. I base this on my experience of taking out a large sum of money in cash over at least ten different withdrawal transactions about 15 years ago. Each time they had to give me the cash I called ahead to withdraw most of the staff acted like I was conducting a quasi-legal but highly suspicious transaction (i.e.,to buy drugs or prostitutes or God knows what), and their discomfort was palpable. Try it sometime. You'll be amazed how easy it is to make your usually friendly teller start acting like a Stasi snitch.